Energy Information Administration (EIA) issued an official weekly report on US oil inventories today at 3:30 pm GMT. Report was expected to show a small build in oil inventories, downtick in gasoline inventories and drop in distillates. However, API report released yesterday in the evening hinted at a significant increase in headline crude inventories as well as deep declines in gasoline and distillate stockpiles.
Actual report showed a larger than expected oil inventory build but slightly smaller than hinted yesterday by API report. Gasoline inventories unexpectedly rose while distillate inventories dropped less than expected.
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- Oil inventories: +8.7 mb vs +0.9mb expected (API: +9.05 mb)
- Gasoline inventories: +0.75 mb vs -0.1 mb expected (API: -1.79 mb)
- Distillate inventories: -1.02 mb vs -1.29 mb expected (API: -3.51 mb)
Overall, the report was slightly bearish and has largely confirmed yesterday's bearish API oil invenotory reading. Oil prices moved lower in a knee-jerk move but have since erased those declines and are now trading near pre-announcement levels. Still, oil is over 4% down on the day, following reports of OPEC+ delaying meeting amid output disagreements.
Source: xStation5
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